Black Money Crackdown
Legal Era|December 2017

Linking Offshore Structures To Tax Evasion: A Case Of Mistaken Identity.

Black Money Crackdown

Frictions between the two are bound to arise and sensationalism of the likes of “Panama and Paradise Papers” will accentuate challenges for legitimate tax-compliant investors and tax administrators

The BBC noted that the name “Paradise Papers” dovetails well with the French term for a tax haven, paradis fiscal. Recently, 13.4 million documents with over 1.4 terabytes of leaked data of an offshore law firm, Appleby, found its way to Wikipedia. The data leaked (by hackers) to a German newspaper comprised the most guarded investments and funding structures of over 120,000 businesses and individuals, not even sparing the world’s powerful monarchs, political leaders and most valued companies. The data shared with the International Consortium of Investigative Journalists (ICIJ), a network of 380 journalists working collaboratively, made headlines to rattle administrations, leading countries such as Spain and India to order official enquiries and possible investigations. The Paradise Papers, as the recent leaks are labeled, coming after the Panama Papers of 2016, are more about theatrics and less about content. The media tendency in such situations is to sensationalize news, painting all and sundry with the same brush—tax dodgers and money launderers are all treated on par with businesses that have legitimate structures. To associate offshore structures solely with crime, tax evasion, corruption and other illicit activities is a case of mistaken identity. In contrast, most are legitimate business structures created either to avail benefit of tax treaties signed between sovereign states or state aids to locate businesses in specified jurisdictions. At times, the nature of activities demand creation of pooling structures in jurisdictions which are neutral but have robust regulatory compliances.

هذه القصة مأخوذة من طبعة December 2017 من Legal Era.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة December 2017 من Legal Era.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من LEGAL ERA مشاهدة الكل
If You Think Positive Covid Is A Big Opportunity
Legal Era

If You Think Positive Covid Is A Big Opportunity

Senior Vice President and Head of Legal, ESSAR CAPITAL, Badrinath Durvasula, holds forth on his professional journey, the essence of leadership, working from home, books and more…

time-read
10+ mins  |
December 2020
PROJECT DEVELOPMENT
Legal Era

PROJECT DEVELOPMENT

JOINT VENTURE TRANSACTIONS

time-read
10+ mins  |
December 2020
NEW ARBITRATION RULES
Legal Era

NEW ARBITRATION RULES

PUBLISHED BY THE LONDON COURT OF INTERNATIONAL ARBITRATION (LCIA) AND INTERNATIONAL CHAMBER OF COMMERCE (ICC)

time-read
6 mins  |
December 2020
M&A in the time of COVID and beyond
Legal Era

M&A in the time of COVID and beyond

What is clear for those engaging in cross-border M&A is that countries around the world are becoming increasingly protective of their economies and industries, with new rules being introduced and existing rules being more widely applied

time-read
6 mins  |
December 2020
SWITZERLAND A DIFFERENTIATED APPROACH TO FRAUD
Legal Era

SWITZERLAND A DIFFERENTIATED APPROACH TO FRAUD

Swiss law interprets the offense of fraud in a special way where in addition to the characteristics of deception and damage as known in many jurisdictions, a qualified lie, i.e. a malicious approach, is required

time-read
5 mins  |
December 2020
JOINT VENTURE DISPUTES MEDIATING
Legal Era

JOINT VENTURE DISPUTES MEDIATING

Mediation has shown itself to be a powerful tool for bringing a speedy and effective end to crossborder disputes while preserving the commercial relationship between them.

time-read
7 mins  |
December 2020
Recognition of HONG KONG INSOLVENCY PROCEEDINGS IN MAINLAND CHINA
Legal Era

Recognition of HONG KONG INSOLVENCY PROCEEDINGS IN MAINLAND CHINA

A TEST CASE IN THE MAKING?

time-read
8 mins  |
December 2020
CONFIDENTIALITY IN ARBITRATION: RECENT DEVELOPMENTS IN SINGAPORE
Legal Era

CONFIDENTIALITY IN ARBITRATION: RECENT DEVELOPMENTS IN SINGAPORE

Two recent developments in Singapore case law and legislation reflect a willingness to preserve confidentiality related obligations in all arbitrations

time-read
5 mins  |
December 2020
ESSENTIAL GOODS SERVICES UNDER IBC
Legal Era

ESSENTIAL GOODS SERVICES UNDER IBC

WHAT DOES IT ESSENTIALLY MEAN?

time-read
6 mins  |
December 2020
A BIDEN ADMINISTRATION'S NEW VISION FOR THE AMERICAN WORKPLACE
Legal Era

A BIDEN ADMINISTRATION'S NEW VISION FOR THE AMERICAN WORKPLACE

A LOOK AT THE KEY CHANGES PRESIDENT-ELECT BIDEN IS LIKELY TO MAKE ONCE HE TAKES OFFICE

time-read
7 mins  |
December 2020